Cameco Ord Shs T.CCO

Alternate Symbol(s): CCJ

Metals & Mining Industrial Metals & Minerals

Cameco Corporation is engaged in providing uranium fuel to generate clean, reliable baseload electricity around the globe. The Company also offers nuclear fuel processing services, refinery services and manufactures fuel assemblies and reactor components. Its segments include uranium, fuel services and Westinghouse. The uranium segment is involved in the exploration for, mining, milling, purchase and sale of uranium concentrate. The fuel services segment is involved in the refining, conversion and fabrication of uranium concentrate and the purchase and sale of conversion services. The Westinghouse segment is engaged in the nuclear services businesses. Its uranium projects include Millennium, Yeelirrie, and Kintyre. The Cree Extension-Millennium project is a Cameco-operated joint venture located in the southeastern portion of Canada's Athabasca Basin. The Yeelirrie deposit is located approximately 650-kilometer (Km) northeast of Perth and about 750 km south of its Kintyre project.

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Cameco Ord Shs

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Post by retiredcfon Sep 06, 2023 9:04am

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Post# 35621548

RBC

September 5, 2023

RBC Uranium Watch
Uranium prices up sharply ahead of WNA

Our view: Uranium prices were up sharply over the past week as utilities and producers were engaged in the spot market ahead of the major World Nuclear Association (WNA) Symposium in London September 6-8. The strong market activity was followed by an announcement from Cameco on September 3 that production at the Cigar Lake mine and Key Lake mill has been impacted by ramp-up challenges - the company now expects to produce up to 16.3Mlbs from Cigar Lake/Key Lake, down from the previous forecast at 18Mlbs. The lower production adds to recent supply-side risks from Niger and Russia that have supported strong market activity since mid-2023. Also notable, the TradeTech assessed term contract price ending August 31 was assessed higher at $60/lb. Given strong utility engagement and continued supply-side risks, we see a strong uranium market set-up into the seasonally strong year-end period through the rest of 2023.

RBC’s Andrew Wong increased his target for Cameco Corp to $56 from $49.50 with an “outperform” rating.

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